The lottery is a game in which players purchase tickets for a chance to win a prize based on the drawing of numbers. The prizes may be cash, goods or services. The word lottery derives from the Latin lotto, meaning “fate decided by the drawing of lots.” The practice of determining fates or distributing property by lot has a long record in human history, including a few instances in the Bible. Privately organized lotteries helped finance American colleges in the 18th century. Benjamin Franklin held a lottery to raise funds for cannons during the Revolutionary War.
State governments often establish lotteries with the claim that they provide a painless source of revenue, which is akin to collecting taxes for public services without imposing direct taxes on the people. As a result, politicians are eager to adopt the lottery as soon as they can, and once the lottery is established, it evolves rapidly to take advantage of public sentiment that supports the concept.
After a lottery is established, the debate shifts to specific features of its operations, such as the problem of compulsive gambling and its alleged regressive impact on lower-income groups. But even though the odds of winning are very slim, the lottery is still a powerful force in the lives of many.
There’s no denying that winning the lottery is an incredibly improbable event, but for some, it can be the catalyst they need to rewrite their story. For these folks, the right estate planning advisor can help them understand all of their options for protecting and preserving their winnings.